Mega Matrix files $2 billion universal shelf registration with SEC for DAT strategy.

Mega Matrix (MPU) has filed a $2 billion universal shelf registration with the SEC to advance its Digital Asset Treasury (DAT) strategy. MPU will anchor its corporate treasury on ENA, the governance token of stablecoin USDe. This move is seen as a next-generation bet on ENA and a departure from earlier DAT models that focused on Bitcoin or Ethereum. The company sees "double leverage": exposure to yield as USDe expands and potential appreciation in ENA's token price.

Mega Matrix (MPU), a NYSE-listed company, has filed a groundbreaking $2 billion universal shelf registration with the SEC to advance its Digital Asset Treasury (DAT) strategy. The company aims to anchor its corporate treasury on ENA, the governance token of stablecoin USDe. This move represents a departure from earlier DAT models that focused on Bitcoin or Ethereum and is seen as a next-generation bet on ENA.

MPU's strategy leverages both yield potential from USDe's expansion and ENA's token price appreciation. USDe has emerged as the world's third-largest stablecoin, with its market cap growing over 200% since August 2024 After Bitcoin and Ethereum, Mega Matrix Bets $2B on ENA as Next Treasury Asset^[1]. The company's internal analysis suggests potential growth to $10 trillion for the stablecoin market by 2030-2035, positioning USDe as a strategic treasury asset.

The pending "Fee Switch" activation represents a critical inflection point. Once activated, ENA holders will participate directly in protocol revenues, creating a dividend-like mechanism with the scarcity benefits of a capped token supply. This mechanism is expected to drive demand and potentially appreciate ENA's token price.

However, MPU's strategy faces challenges. Approximately half of ENA supply is still locked and will vest over three years, presenting a headwind of substantial token inflation. Additionally, MPU is purchasing unlocked ENA from the open market, potentially exposing them to market volatility.

Despite these challenges, MPU's treasury strategy represents a calculated bet on USDe capturing significant market share in the expanding stablecoin ecosystem, projected to reach between $1.6-10 trillion by 2030-2035 Mega Matrix makes its first $3 million purchase of ENA tokens to advance its stablecoin governance token (DAT) strategy^[2].